Vidhi Codex

THE ANDHRA PRADESH PAWN BROKERS ACT, 2002

The Andhra Pradesh Pawn Brokers Act, 2002

General200238 sections

The Andhra Pradesh Pawn Brokers Act, 2002 regulates the business of money lending against pledged personal property across Andhra Pradesh. It mandates that all pawn brokers must obtain an official license, display their business details, issue pawn tickets, and maintain accurate transaction records. The law sets caps on interest rates, establishes a two-year redemption period for borrowers to reclaim their items, and restricts the sale of unredeemed pledges strictly to public auctions. This legislation protects ordinary citizens from predatory lending practices, ensuring fair terms, transparent transactions, and legal accountability for lost belongings.

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  1. 0. Preamble
  2. 1. Short title extent and commencement-(1) This Act may be called
  3. 2. Government may by notification, appoint and they may appoint different dates for different areas.
  4. 3. Pawn Broker to obtain licence- (1) No person, shall commence or
  5. 4. Granting and refusal of licence- (1) Every appIication for a Pawn
  6. 5. Pawn brokers to exhibit their names- Every Pawn Broker shall
  7. 6. Change of place of business by pawn broker-No Pawn Broker shall
  8. 7. Authority and without having the address of the new place of business duly endorsed on his licence.
  9. 8. Pawn ticket to be given to pawner- Every Pawn Broker shall on
  10. 9. Pawn entitled to redeem pledge- (1) Subject to the provisions of
  11. 10. Broker shall not be bound to deliver back a pledge unless the pawn- ticket, is delivered to him.
  12. 11. Pawn Broker to keep books, give receipts etc.- (1) Every Pawn
  13. 12. Redemption of pledge- Every pledge shall be redeemable within
  14. 13. Sale of pledge and inspection of sale books -
  15. 14. Liability of pawn-broker in case of fire-(1) where a pledge is
  16. 15. Compensation for depreciation of pledge
  17. 16. Appointment of inspectors and take their powers-(1) The
  18. 17. Powers to order production of accounts and powers of entry and inspection
  19. 18. Power to summon witnesses and cause production of documents
  20. 19. Assistance of police officers- Any Officer authorised to inspect or
  21. 20. Power to cancel licence, etc
  22. 21. Publication of order of cancellation- Every order of cancellation of
  23. 22. No refund of licence fee- A person whose licence is cancelled under
  24. 23. Appeals- (1) Any person, aggrieved by an order of the Licensing
  25. 24. Pawn broker advancing smaller amount or receiving higher
  26. 25. Certain other acts of pawn brokers to be punishable- A Pawn
  27. 26. Certain acts of pawners and others to be punishable- Any
  28. 27. Duties of the Pawn Broker - (1) In every case falling under section
  29. 28. Broker) and also, if so required by the police, to deliver the article to them.
  30. 29. Penalty for carrying on business without licence or in violation of the conditions of the licence
  31. 30. Liability of the pawn broker for the acts committed by agents or employees
  32. 31. Transfer of licence to heirs -(1) Where a licencee under this Act,
  33. 32. Contracts not to be void on account of offences but interest
  34. 33. Power of revision by the Government -(1) The Government may
  35. 34. Bar of Certain Proceedings- (1) No suit, prosecution or other
  36. 35. Power to make rules- (1) The Government may, by notification,
  37. 36. Act not to effect or alter the law relating to relief of agricultural and other indebtedness
  38. 37. Scheduled Castes and Scheduled Tribes.

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